In February 1998, San-X launched Tarepanda erasers and letter pads, which proved enormous hits. San-X believed these products were successful because they were released shortly after the Asian financial crisis of autumn 1997, a time when many people in Japan were facing layoffs and, consequently, were sympathetic toward a "worn-out" panda character.[4] By 1999, sales of Tarepanda goods had reached 30 billion yen.[4] Character Databank, a Japanese character popularity monitoring firm, has claimed Tarepanda was a huge hit in Japan.[5] It was rated one of the most popular characters in Japan for its cuteness.